UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7868
Van Kampen Advantage Municipal Income Trust II
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(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
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(Address of principal executive offices) (Zip code)
Ronald Robison
522 Fifth Avenue, New York, New York 10036
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 7/31/07
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS - JULY 31, 2007 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS 201.8%
ALABAMA 4.9%
$ 3,000 Birmingham Baptist Med Ctr AL
Spl Care Fac Fin Auth Rev
Baptist Hlth Sys Ser A .................. 5.000% 11/15/30 $ 2,957,130
2,000 Birmingham Baptist Med Ctr AL
Spl Care Fac Fin Auth Rev
Baptist Hlth Sys Ser A .................. 5.875 11/15/24 2,093,980
4,000 Jefferson Cnty, AL Ltd Oblig Sch
Wt Ser A ................................ 5.250 01/01/23 4,205,240
4 Mobile, AL Indl Dev Brd Solid
Waste Disp Rev Mobile Energy
Svc Co Proj Rfdg ........................ 6.950 01/01/20 352
19,600 University AL at Birmingham Hosp
Rev Ser A (MBIA Insd) (a) ............... 5.000 09/01/41 20,168,694
1,000 Valley, AL Spl Care Fac Fin Auth
Rev Lanier Mem Hosp Ser A ............... 5.600 11/01/16 1,012,850
--------------
30,438,246
--------------
ALASKA 1.1%
1,000 Alaska St Hsg Fin Corp Gen Hsg
Ser A (FGIC Insd) ....................... 5.250 12/01/41 1,040,320
6,250 Northern Tob Sec Corp AK Tob
Settlement Ser A ........................ 5.000 06/01/46 5,717,937
--------------
6,758,257
--------------
ARIZONA 7.6%
5,000 Arizona Sch Fac Brd Ctfs Ser B
(FGIC Insd) (Prerefunded @
9/01/13) ................................ 5.250 09/01/18 5,372,050
3,000 Arizona St Transn Brd Hwy Rev
Ser B ................................... 5.250 07/01/19 3,154,140
5,250 Arizona Tourism & Sports Auth
Multipurp Stad Fac Ser A (MBIA
Insd) (Prerefunded @ 7/01/13) ........... 5.375 07/01/23 5,665,538
2,235 Arizona Tourism & Sports Auth
Tax Rev Multipurp Stad Fac Ser
A (MBIA Insd) (Prerefunded @
7/01/13) ................................ 5.375 07/01/21 2,411,900
5,000 Glendale, AZ Indl Dev Auth John
C Lincoln Hlth Rfdg Ser B ............... 5.000 12/01/37 4,881,400
4,500 Maricopa Cnty, AZ Hosp Rev Sun
Hlth Corp ............................... 5.000 04/01/35 4,449,825
8,020 Mesa, AZ Util Sys Rev Rfdg
Second Ser (FGIC Insd) (a) .............. 4.500 07/01/28 7,928,652
2,085 Pima Cnty, AZ Indl Dev Auth Indl
Rev Lease Oblig Irvington Proj
Tucson Rfdg Ser A (FSA Insd) ............ 7.250 07/15/10 2,140,753
2,685 South Campus Group LLC AZ Std
Hsg Rev AZ St Univ South
Campus Proj (MBIA Insd) ................. 5.625 09/01/35 2,891,396
9,000 University Med Ctr Corp AZ Hosp
Rev ..................................... 5.000 07/01/35 8,899,470
--------------
47,795,124
--------------
ARKANSAS 0.5%
1,930 Arkansas St Cap Apprec College
Svg (b) ................................. * 06/01/16 1,334,132
2,000 Arkansas St Dev Fin Auth Rev St
Agy Fac Donaghey Plaza Proj
(FSA Insd) .............................. 5.000 06/01/34 2,058,740
--------------
3,392,872
--------------
CALIFORNIA 34.4%
6,000 Anaheim, CA Pub Fin Auth Lease
Rev Cap Apprec Sub Pub Impt
Proj Ser C (FSA Insd) ................... * 09/01/19 3,483,840
7,195 Anaheim, CA Pub Fin Auth Lease
Rev Cap Apprec Sub Pub Impt
Proj Ser C (FSA Insd) ................... * 09/01/21 3,771,187
1,300 Anaheim, CA Pub Fin Auth Lease
Rev Pub Impt Proj Ser C (FSA
Insd) ................................... 6.000 09/01/16 1,483,261
2,095 Bay Area Govt Assn CA Rev Tax
Alloc CA Redev Pool Ser A
(XLCA Insd) ............................. 5.250 09/01/35 2,193,842
3,000 California Cnty, CA Tob Sec Agy
Tob LA Cnty Sec (c) ..................... 0.000/5.250 06/01/21 2,611,950
2,050 California Cnty, CA Tob Sec Agy
Tob Merced Cnty Rfdg Ser A .............. 5.125 06/01/38 1,940,653
1,000 California Cnty, CA Tob Sec Agy
Tob Merced Cnty Rfdg Ser A .............. 5.250 06/01/45 954,960
1,600 California Hlth Fac Fin Auth Rev
Kaiser Permanente Ser A ................. 5.000 04/01/37 1,602,128
6,000 California Hsg Fin Agy Rev Home
Mtg Ser G (AMT) (a) ..................... 4.950 08/01/23 6,038,670
4,000 California Hsg Fin Agy Rev Home
Mtg Ser G (AMT) (a) ..................... 5.050 02/01/29 4,025,780
7,100 California Hsg Fin Agy Rev Home
Mtg Ser I (AMT) (a) ..................... 4.800 08/01/36 6,851,252
4,300 California Hsg Fin Agy Rev Home
Mtg Ser M (AMT) (a) ..................... 4.700 08/01/36 4,071,745
3,000 California Pollutn Ctl Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj Ser C (AMT) ............... 5.125 11/01/23 2,983,410
4,975 California St .............................. 5.000 02/01/19 5,145,742
140 California St (AMBAC Insd) ................. 5.125 10/01/27 141,635
840 California St (AMBAC Insd)
(Prerefunded @ 10/01/07) ................ 5.125 10/01/27 850,290
6,500 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A .............................. 5.250 07/01/30 6,590,025
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A .............................. 5.250 07/01/35 1,009,950
4,000 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth Ser A .............................. 5.000 03/01/30 4,014,840
3,400 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ................................... 5.000 03/01/41 3,394,356
5,000 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ................................... 5.250 03/01/45 5,079,150
4,000 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser C ................................... 5.250 08/01/31 4,103,840
2,000 California St Dept Wtr Res Pwr
Ser A (Prerefunded @
5/01/12) ................................ 6.000 05/01/15 2,214,260
2,345 California St Dept Wtr Res Pwr
Ser A (XLCA Insd) (Prerefunded
@ 5/01/12) .............................. 5.375 05/01/17 2,532,952
3,000 California St Dept Wtr Res Pwr
Supply Rev Ser A (Prerefunded
@ 5/01/12) .............................. 5.875 05/01/16 3,305,190
25 California St (Prerefunded @
2/01/12) ................................ 5.000 02/01/19 26,328
5,000 California St Pub Wks Brd Dept
Gen Svc Cap East End Ser A
(AMBAC Insd) ............................ 5.125 12/01/21 5,236,900
4,000 California St Pub Wks Brd Lease
Rev Dept of Corrections St
Prisons Rfdg Ser A (AMBAC
Insd) ................................... 5.000 12/01/19 4,256,920
6,000 California St Pub Wks Brd Lease
Rev Dept of Corrections St
Prisons Rfdg Ser A (AMBAC
Insd) ................................... 5.250 12/01/13 6,357,420
5,000 California St Pub Wks Brd Lease
Rev Dept of Mental Hlth
Coalinga Ser A .......................... 5.000 06/01/24 5,146,850
4,600 California St Pub Wks Brd Lease
Rev Var Univ CA Proj Rfdg Ser
A ....................................... 5.500 06/01/10 4,749,086
5,905 California St Pub Wks Brd Lease
Rev Var Univ CA Proj Rfdg Ser
A ....................................... 5.500 06/01/14 6,369,251
8,040 California St Vet Ser CD
(AMT) (a) ................................ 4.600 12/01/32 8,217,181
2,000 Florin, CA Res Consv Dist Cap
Impt Elk Grove Wtr Svc Ser A
(MBIA Insd) ............................. 5.000 09/01/33 2,061,620
5,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg
(MBIA Insd) ............................. * 01/15/18 2,940,050
30,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg
Ser A ................................... * 01/15/22 13,265,700
10,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A (a) ................ 5.000 06/01/38 10,223,700
5,500 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A1 (a) ............... 5.000 06/01/33 5,511,564
2,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A1 ................... 5.125 06/01/47 1,868,540
3,350 Imperial Irr Dist CA Ctf Part Elec
Sys Proj (FSA Insd) (d) ................. 5.250 11/01/19 3,546,478
3,950 Los Angeles, CA Dept Wtr & Pwr
Ser A (FGIC Insd) ....................... 5.125 07/01/40 4,098,204
7,500 Los Angeles, CA Uni Sch Dist Rfdg
Ser A1 (MBIA Insd) (a) .................. 4.500 01/01/28 7,406,025
5,500 Port Oakland, CA Ser L (FGIC
Insd) (AMT) ............................. 5.000 11/01/32 5,580,685
9,000 Riverside Cnty, CA Asset Leasing
Corp Leasehold Rev Riverside
Cnty Hosp Proj (MBIA Insd) .............. * 06/01/21 4,739,490
13,880 San Joaquin Hills, CA Transn
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg Ser A (MBIA
Insd) ................................... * 01/15/28 5,239,284
4,200 Tobacco Sec Auth Northn CA Tob
Settlement Rev Ser A1 ................... 5.375 06/01/38 4,131,330
4,300 Tobacco Sec Auth Northn CA Tob
Settlement Rev Ser A1 ................... 5.500 06/01/45 4,275,877
1,000 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A1 ................ 5.000 06/01/37 929,100
14,000 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A1 ................ 5.125 06/01/46 13,086,360
2,720 Washington, CA Uni Sch Dist
Yolo Cnty Election 2004 Ser A
(FGIC Insd) (d) ......................... 5.250 08/01/19 2,882,656
3,070 Washington, CA Uni Sch Dist
Yolo Cnty Election 2004 Ser A
(FGIC Insd) (d) ......................... 5.250 08/01/20 3,253,586
--------------
215,795,093
--------------
COLORADO 3.8%
1,945 Colorado Ed & Cultural Fac Auth
Rev Charter Sch Pinnacle Impt
& Rfdg (XLCA Insd) ...................... 5.250 06/01/23 2,043,923
3,000 Colorado Hlth Fac Auth Rev
Catholic Hlth Initiatives Ser
A (b) ................................... 5.500 03/01/32 3,182,760
4,250 Colorado Hlth Fac Auth Rev
Covenant Retirement Cmnty
Inc ..................................... 5.000 12/01/35 4,163,895
2,700 Colorado Hlth Fac Auth Rev Hlth
Fac Evangelical Lutheran ................ 5.000 06/01/35 2,699,811
2,250 Colorado Hlth Fac Auth Rev Hosp
Portercare Adventist Hlth
(Prerefunded @ 11/15/11) ................ 6.500 11/15/31 2,500,245
5,460 Colorado Hsg Fin Auth Single
Family Mtg Rev Ser C3
(AMT) (a) ................................ 4.625 11/01/36 5,087,300
55 Colorado Hsg Fin Auth Single
Family Pgm Sr Ser A2 (AMT) .............. 7.250 05/01/27 56,530
24 Colorado Hsg Fin Auth Single
Family Pgm Sr Ser B1 (AMT) .............. 7.650 11/01/26 24,372
1,500 Denver, CO City & Cnty Arpt Rev
Ser D (AMT) ............................. 7.750 11/15/13 1,645,665
1,000 Park Creek Metro Dist CO Rev Sr
Ltd Tax Ppty Tax Rfdg ................... 5.500 12/01/30 1,045,160
1,500 University CO Hosp Auth Rev Ser
A ....................................... 5.000 11/15/37 1,464,435
--------------
23,914,096
--------------
CONNECTICUT 1.0%
5,000 Connecticut St Ser C (FGIC Insd) ........... 5.000 04/01/22 5,248,000
990 Mashantucket Western Pequot
Tribe CT Spl Rev Ser A
(Prerefunded @ 09/01/07) (e) ............ 6.400 09/01/11 1,002,028
--------------
6,250,028
--------------
DISTRICT OF COLUMBIA 0.8%
5,000 Metropolitan Washington DC Arpt
Auth Sys Ser A (FGIC Insd)
(AMT) ................................... 5.250 10/01/32 5,145,300
--------------
FLORIDA 7.3%
2,500 Dade Cnty, FL Wtr & Swr Sys
Rev (FGIC Insd) ......................... 5.250 10/01/21 2,530,375
570 Escambia Cnty, FL Hlth Fac Auth
Rev (AMBAC Insd) ........................ 5.950 07/01/20 590,474
1,800 Florida Hsg Fin Corp Rev Ser G
(AMT) (a) ............................... 4.550 07/01/26 1,697,576
3,520 Florida Hsg Fin Corp Rev Ser G
(AMT) (a) ............................... 4.625 07/01/31 3,319,703
2,500 Florida Hsg Fin Corp Rev Ser G
(AMT) (a) ............................... 4.700 07/01/37 2,357,744
3,000 Halifax Hosp Med Ctr FL Hosp
Rev Impt Rfdg Ser A ..................... 5.250 06/01/26 3,058,170
3,800 Highlands Cnty, FL Hlth Fac Auth
Rev Hosp Adventist Hlth Sys
Ser C ................................... 5.250 11/15/36 3,848,450
1,000 Highlands Cnty, FL Hlth Fac Auth
Rev Hosp Adventist Hlth Sys
Ser D ................................... 5.000 11/15/35 990,210
3,980 Jacksonville, FL Port Auth (MBIA
Insd) (AMT) ............................. 5.700 11/01/30 4,157,468
2,780 Jacksonville, FL Port Auth (MBIA
Insd) (Prerefunded @ 11/01/10)
(AMT) ................................... 5.700 11/01/30 2,918,611
3,000 Lake Cnty, FL Sch Brd Ctf Part
(AMBAC Insd) (Prerefunded @
7/01/12) ................................ 5.375 07/01/17 3,206,520
11,500 Miami-Dade Cnty, FL Aviation Rev
Miami Intl Arpt (FGIC Insd)
(AMT) ................................... 5.375 10/01/32 11,909,745
5,000 Ocoee, FL Wtr & Swr Sys Rev
Impt & Rfdg (AMBAC Insd) ................ 5.125 10/01/33 5,167,700
--------------
45,752,746
--------------
GEORGIA 2.8%
5,000 Georgia Muni Elec Auth Pwr Rev
Ser B (FGIC Insd) (b) ................... 5.700 01/01/19 5,598,750
2,000 Georgia St Rd & Twy Auth Rev ............... 5.000 10/01/19 2,096,540
1,700 Marietta, GA Dev Auth Rev First
Mtg Life College Ser B (FSA
Insd) (d) ............................... 5.375 09/01/09 1,701,717
6,740 Municipal Elec Auth GA Comb
Turbine Proj Ser A (MBIA Insd) .......... 5.250 11/01/20 7,087,717
1,000 Richmond Cnty, GA Dev Auth
ASU Jaguar Student Hsg LLC
Ser A ................................... 5.250 02/01/35 1,027,120
--------------
17,511,844
--------------
HAWAII 1.8%
10,430 Hawaii St Dept Budget & Fin Spl
Purp Rev Hawaiian Elec Co Inc
Ser A (MBIA Insd) (AMT) ................. 5.650 10/01/27 11,124,221
--------------
ILLINOIS 13.7%
1,710 Bolingbrook, IL Cap Apprec Rfdg
Ser C (MBIA Insd) (d) ................... * 01/01/29 620,473
3,750 Bolingbrook, IL Cap Apprec Ser B
(MBIA Insd) ............................. * 01/01/32 1,006,200
6,000 Chicago, IL Lakefront Millenium
Pkg Fac (MBIA Insd) ..................... 5.750 01/01/29 6,566,580
3,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A (a) ........... 5.250 01/01/23 3,193,920
4,200 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (a) ......................... 5.250 01/01/24 4,592,609
13,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (a) ......................... 5.250 01/01/25 14,215,219
50 Chicago, IL Single Family Mtg Rev
Ser A (GNMA Collateralized)
(AMT) ................................... 7.000 09/01/27 51,184
3,345 Cook Cnty, IL Sch Dist No. 100
Berwyn South Ser D (FSA
Insd) ................................... 5.500 12/01/23 3,627,786
4,500 Cook Cnty, IL Ser A (FGIC Insd)
(Prerefunded @ 5/15/11) ................. 5.500 11/15/31 4,768,110
1,000 Illinois Dev Fin Auth Rev Cmnty
Rehab Providers Fac Ser A ............... 7.375 07/01/25 1,069,370
1,200 Illinois Fin Auth Rev Christian
Homes Inc Rfdg Ser A .................... 5.750 05/15/26 1,211,952
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A ........................ 5.000 04/01/31 1,497,825
2,500 Illinois Fin Auth Rev Northwestern
Mem Hosp Ser A .......................... 5.500 08/15/43 2,677,200
1,335 Illinois Fin Auth Solid Waste Rev
Disp Waste Mgmt Inc Proj Ser
A (AMT) ................................. 5.050 08/01/29 1,296,165
1,325 Illinois Fin Auth Student Hsg Rev
MJH Ed Assistance IV Sr Ser
A ....................................... 5.125 06/01/35 1,313,261
3,180 Illinois Hlth Fac Auth Rev
Children's Mem Hosp (MBIA
Insd) ................................... 6.250 08/15/13 3,434,368
1,485 Illinois Hlth Fac Auth Rev
Evangelical Hosp Rfdg Ser A
(FSA Insd) (b) .......................... 6.750 04/15/17 1,721,442
825 Illinois Hlth Fac Auth Rev
Evangelical Hosp Ser C (FSA
Insd) ................................... 6.750 04/15/17 956,357
1,000 Illinois Hlth Fac Auth Rev
Highland Park Hosp Proj Ser A
(MBIA Insd) (Prerefunded @
10/01/07) ............................... 5.750 10/01/17 1,023,080
8,000 Illinois St First Ser (FSA Insd) ........... 5.250 12/01/19 8,426,480
3,400 Illinois St First Ser (FSA Insd) ........... 5.250 04/01/27 3,536,510
2,070 Northern IL Univ Ctf Part Hoffman
Estates Ctr Proj (FSA Insd) ............. 5.400 09/01/16 2,211,878
160 Peoria, Moline & Freeport, IL Coll
Mtg Ser A (GNMA
Collateralized) (AMT) ................... 7.600 04/01/27 162,395
5,000 Regional Trans Auth IL Ser A
(AMBAC Insd) ............................ 8.000 06/01/17 6,503,650
10,000 Will Cnty, IL Sch Dist No. 122
Rfdg Ser B (FGIC Insd) .................. 5.250 11/01/20 10,441,700
--------------
86,125,714
--------------
INDIANA 4.0%
2,065 East Chicago, IN Elementary Sch
Bldg Corp First Mtg Ser A ............... 6.250 07/05/08 2,097,586
1,660 Indiana Hlth & Ed Fac Fin Auth
Hosp Rev Clarian Hlth Oblig Ser
A ....................................... 5.000 02/15/36 1,636,378
3,000 Indiana Hlth Fac Fin Auth Hosp
Rev Columbus Regl Hosp Rfdg
(FSA Insd) .............................. 7.000 08/15/15 3,389,730
1,500 Indiana St Dev Fin Auth Rev
Exempt Fac Conv Rfdg (AMT) .............. 5.950 08/01/30 1,519,215
12,021 Indiana St Hsg & Cmnty Dev Auth
Single Family Mtg Rev Mtg
Ser D1 (GNMA Collateralized)
(AMT) (a) ................................ 4.625 07/01/38 11,128,280
2,000 Petersburg, IN Pollutn Ctl Rev IN
Pwr & Lt (AMT) .......................... 5.950 12/01/29 2,106,540
2,850 Southwest Parke Cmnty Sch Bldg
First Mtg (FGIC Insd) (d) ............... 5.250 07/15/21 3,037,673
--------------
24,915,402
--------------
IOWA 0.9%
1,600 Pottawattamie Cnty, Iowa Rev Christian
Homes Inc Rfdg Ser E .................... 5.750 05/15/26 1,617,136
1,500 Tobacco Settlement Auth IA Tob
Settlement Rev Ser C .................... 5.375 06/01/38 1,475,475
2,500 Tobacco Settlement Auth IA Tob
Settlement Rev Ser C .................... 5.500 06/01/42 2,486,350
--------------
5,578,961
--------------
KANSAS 1.2%
3,430 Kansas St Dev Fin Auth Rev KS
Proj Ser N (AMBAC Insd) (d) ............. 5.250 10/01/20 3,594,709
3,615 Kansas St Dev Fin Auth Rev KS
Proj Ser N (AMBAC Insd) (d) ............. 5.250 10/01/21 3,791,159
--------------
7,385,868
KENTUCKY 1.7%
10,005 Louisville & Jefferson Cnty KY
Metro Govt Hlth Sys Rev
Norton Hlthcare Inc (a) ................. 5.250 10/01/36 10,057,593
500 Mount Sterling, KY Lease Rev KY
League Cities Fdg Ser B ................. 6.100 03/01/18 569,330
--------------
10,626,923
--------------
LOUISIANA 6.7%
5,000 Lafayette, LA Util Rev (MBIA Insd) ......... 5.250 11/01/21 5,324,900
2,500 Louisiana Loc Govt Environment
Fac Pkg Fac Corp Garage Proj
Ser A (AMBAC Insd) ...................... 5.375 10/01/31 2,604,275
5,970 Louisiana Loc Govt Environment
Southeastn LA Student Hsg Ser
A (MBIA Insd) (d) ....................... 5.250 08/01/24 6,315,245
1,400 Louisiana Pub Fac Auth Rev Hlth
Fac Glen Retirement Ser A ............... 6.700 12/01/25 1,404,144
7,000 Louisiana St Gas & Fuel Tax Rev
Ser A (a) ............................... 5.000 05/01/41 7,201,880
8,065 Louisiana St Office Fac Corp LA
St Cap Complex Pgm (MBIA
Insd) (d) ............................... 5.000 11/01/20 8,350,904
4,000 New Orleans, LA Rfdg (FGIC
Insd) ................................... 5.500 12/01/21 4,311,200
6,000 New Orleans, LA Rfdg (MBIA
Insd) ................................... 5.125 09/01/21 6,211,740
--------------
41,724,288
--------------
MARYLAND 5.1%
3,000 Baltimore, MD Convention Ctr
Hotel Rev Sr Ser A (XLCA
Insd) (a) ............................... 5.250 09/01/25 3,219,442
11,440 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Residential Ser A (AMT) (a) ............. 4.700 09/01/37 10,828,704
1,255 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Ser P (AMT) (a) ......................... 4.450 09/01/21 1,198,469
1,000 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Ser P (AMT) (a) ......................... 4.550 09/01/26 954,955
1,300 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Ser P (AMT) (a) ......................... 4.625 09/01/31 1,241,441
725 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Ser P (AMT) (a) ......................... 4.700 03/01/37 692,342
5,000 Maryland St Econ Dev Corp MD
Aviation Admin Fac (FSA Insd)
(AMT) ................................... 5.375 06/01/20 5,245,200
1,000 Maryland St Econ Dev Corp
Student Hsg Rev Univ MD
College Pk Proj (Prerefunded @
06/01/13) ............................... 5.625 06/01/35 1,093,910
2,000 Maryland St Hlth & Higher Ed Fac
Auth Rev MD Inst College of
Art ..................................... 5.000 06/01/40 1,960,340
1,200 Maryland St Hlth & Higher Ed Fac
Auth Rev Uni Hosp Cecil Cnty
Issue ................................... 5.000 07/01/40 1,198,020
4,000 Maryland St Trans Auth Arpt
Baltimore/WA Intl Arpt Ser B
(AMBAC Insd) (AMT) ...................... 5.125 03/01/24 4,141,680
--------------
31,774,503
--------------
MASSACHUSETTS 4.3%
1,200 Massachusetts Bay Tran Auth MA
Gen Tran Sys Rfdg Ser A ................. 6.250 03/01/12 1,318,056
2,500 Massachusetts Bay Trans Auth
Ser A (Prerefunded @
7/01/12) ................................ 5.000 07/01/32 2,631,600
2,000 Massachusetts Muni Whsl Elec
Co Pwr Supply Sys Rev Proj
No. 6-A (MBIA Insd) ..................... 5.250 07/01/16 2,123,280
1,750 Massachusetts St Hlth & Ed Fac
Auth Rev Hlthcare Sys
Covenant Hlth ........................... 6.000 07/01/31 1,856,470
2,000 Massachusetts St Hlth & Ed Fac
Auth Rev Saint Mem Med Ctr
Ser A ................................... 6.000 10/01/23 2,001,620
5,450 Massachusetts St Hlth & Ed Fac
Auth Rev Univ MA Mem Issue
Ser D ................................... 5.000 07/01/33 5,344,979
2,500 Massachusetts St Hsg Fin Agy
Hsg Rev Single Family Ser 130
(AMT) ................................... 5.000 12/01/37 2,478,600
925 Massachusetts St Indl Fin Agy
Wtr Treatment Amern Hingham
(AMT) ................................... 6.900 12/01/29 936,914
925 Massachusetts St Indl Fin Agy
Wtr Treatment Amern Hingham
(AMT) ................................... 6.950 12/01/35 937,145
7,280 Massachusetts St Sch Bldg Auth
Dedicated Sales Tax Rev
Ser A (AMBAC insd) (a) .................. 4.500 08/15/35 7,526,319
--------------
27,154,983
--------------
MICHIGAN 3.5%
3,000 Detroit, MI City Sch Dist Sch Bldg
& Site Impt Ser A (FGIC Insd)
(Prerefunded @ 5/01/13) ................. 5.375 05/01/24 3,231,870
2,790 Detroit, MI Wtr Supply Sys Rev Sr
Lien Rfdg Ser C (MBIA
Insd) (d) ............................... 5.250 07/01/19 2,951,708
3,185 Detroit, MI Wtr Supply Sys Rev Sr
Lien Ser A (MBIA Insd)
(Prerefunded @ 7/01/13) (d) ............. 5.250 07/01/20 3,416,199
2,000 Grand Rapids, MI Wtr Supply
(FGIC Insd) ............................. 5.750 01/01/15 2,118,520
4,000 Kent Hosp Fin Auth MI Rev Metro
Hosp Proj Ser A ......................... 6.000 07/01/35 4,278,880
2,285 Taylor, MI Bldg Auth (AMBAC
Insd) (d) ............................... 6.000 03/01/13 2,525,405
3,090 Troy, MI Downtown Dev Auth Dev
Rfdg (MBIA Insd) ........................ 5.500 11/01/15 3,283,218
--------------
21,805,800
--------------
MINNESOTA 0.9%
1,065 Duluth, MN Econ Dev Auth
Hlthcare Fac Rev Benedictine
Hlth Sys Saint Marys .................... 5.250 02/15/33 1,082,040
1,175 Maple Grove, MN Hlthcare Fac
Rev North Mem Hlthcare .................. 5.000 09/01/35 1,174,072
2,200 Saint Paul, MN Hsg & Redev Auth
Hosp Rev Hlth East Proj ................. 6.000 11/15/30 2,349,908
1,000 Saint Paul, MN Hsg & Redev Auth
Hosp Rev Hlth East Proj ................. 6.000 11/15/35 1,066,050
--------------
5,672,070
--------------
MISSISSIPPI 0.9%
1,405 Mississippi Dev Bk Spl Oblig Cap
Proj & Equip Acquisition Ser A2
(AMBAC Insd) ............................ 5.000 07/01/24 1,410,522
1,550 Mississippi Dev Bk Spl Oblig
Madison Cnty Hosp Proj
(Prerefunded @ 7/01/09) ................. 6.400 07/01/29 1,652,145
2,595 Mississippi Dev Bk Spl Oblig MS
Ltd Oblig Hosp Impt (MBIA
Insd) (d) ............................... 5.250 07/01/32 2,691,612
--------------
5,754,279
--------------
MISSOURI 6.9%
325 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc ................. 5.625 06/01/27 335,361
1,675 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc
(Prerefunded @ 6/01/12) ................. 5.625 06/01/27 1,799,922
1,250 Cole Cnty, MO Indl Dev Auth Sr
Living Fac Rev Lutheran Sr Svc
Heisinger Proj .......................... 5.500 02/01/35 1,290,625
2,000 Curators Univ MO Sys Fac Rev
Rfdg Ser B (d) .......................... 5.000 11/01/20 2,090,940
1,000 Missouri Jt Muni Elec Util Comnty
Pwr Proj Rev Plum Point Proj
(MBIA Insd) ............................. 5.000 01/01/26 1,035,740
4,625 Missouri Jt Mun Elec Util Comnty
Pwr Proj Rev Plum Point Proj
(MBIA Insd) ............................. 5.000 01/01/27 4,783,730
2,500 Missouri St Dev Fin Brd
Infrastructure Fac Rev
Crackerneck Creek Proj Ser C ............ 5.000 03/01/26 2,529,250
2,195 Missouri St Hlth & Ed Fac Rev
Univ MO Columbia Arena
Proj (d) ................................ 5.000 11/01/16 2,289,648
4,000 Platte Cnty, MO Indl Dev Auth
Trans Rev ............................... 4.500 12/01/24 3,964,120
2,500 Platte Cnty, MO Neighborhood
Impt Parkville Ser B (MBIA
Insd) ................................... 5.000 02/01/25 2,597,375
1,500 Saint Louis Cnty, MO Mtg Rev Ctf
Rcpt Ser H (AMT) (b) .................... 5.400 07/01/18 1,585,515
9,855 Saint Louis, MO Arpt Rev Arpt
Dev Pgm Ser A (MBIA Insd)
(Prerefunded @ 7/01/11) ................. 5.250 07/01/31 10,371,993
2,380 Saint Louis, MO Arpt Rev Cap
Impt Pgm Ser A (MBIA Insd)
(Prerefunded @ 7/01/12) (d) ............. 5.375 07/01/19 2,543,839
2,745 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B (AMT) (a) ............ 4.550 07/01/29 2,594,190
3,355 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B (AMT) (a) ............ 4.600 07/01/36 3,170,676
--------------
42,982,924
--------------
MONTANA 0.4%
2,300 Forsyth, MT Pollutn Ctl Rev
Northwestn Corp Colstrip Rfdg
(AMBAC Insd) ............................ 4.650 08/01/23 2,337,743
--------------
NEBRASKA 3.0%
5,235 Omaha Pub Pwr Dist NE Elec
Rev Sys Ser A ........................... 5.000 02/01/34 5,388,542
8,760 Omaha Pub Pwr Dist NE Elec
Rev Sub Sys Ser AA (FGIC
Insd) (a) ............................... 4.500 02/01/34 8,863,018
4,260 University NE Univ Rev Lincoln
Student Fees & Fac Ser B ................ 5.000 07/01/23 4,417,194
--------------
18,668,754
--------------
NEVADA 4.6%
8,000 Clark Cnty, NV Arpt Rev Sub Lien
Ser A-2 (FGIC Insd) ..................... 5.000 07/01/36 8,204,080
2,000 Clark Cnty, NV Econ Dev Rev
Alexander Dawson Sch Proj ............... 5.375 05/15/33 2,073,740
7,000 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj Ser A
(AMBAC Insd) (AMT) ...................... 5.250 07/01/34 7,264,600
4,375 Las Vegas Vly, NV Wtr Dist Rfdg
Ser B (MBIA Insd) ....................... 5.000 06/01/27 4,517,231
10 Nevada Hsg Div Single Family
Pgm Mezz B (FHA/VA Gtd)
(AMT) ................................... 6.550 10/01/12 10,101
1,760 Reno, NV Hosp Rev Renown
Regl Med Ctr Proj Ser A (a) ............. 5.250 06/01/37 1,776,703
5,000 Reno, NV Lien Trans Proj
(AMBAC Insd) (Prerefunded @
6/01/12) ................................ 5.250 06/01/41 5,302,350
--------------
29,148,805
--------------
NEW HAMPSHIRE 0.6%
1,000 New Hampshire Hlth & Ed Fac
Auth Rev Derryfield Sch ................. 7.000 07/01/30 1,071,900
1,400 New Hampshire Hlth & Ed Fac
Hlthcare Sys Covenant Hlth .............. 5.500 07/01/34 1,448,720
1,000 New Hampshire St Bus Fin Auth
Wtr Fac Rev Pennichuck
Wtrwks Inc (AMBAC Insd)
(AMT) ................................... 6.300 05/01/22 1,021,680
--------------
3,542,300
--------------
NEW JERSEY 12.8%
1,000 New Jersey Econ Dev Auth Rev
Cig Tax ................................. 5.500 06/15/31 1,046,340
1,900 New Jersey Econ Dev Auth Rev
Cig Tax ................................. 5.750 06/15/29 2,024,849
5,000 New Jersey Econ Dev Auth Rev
Sch Fac Constr Ser I
(Prerefunded @ 9/01/14) ................. 5.000 09/01/23 5,341,200
2,210 New Jersey Econ Dev Auth Wtr
Fac Rev NJ Amern Wtr Co Inc
Ser B (FGIC Insd) (AMT) ................. 5.375 05/01/32 2,269,780
4,350 New Jersey Econ Dev Wtr NJ
Amern Wtr Co Inc Ser A (FGIC
Insd) (AMT) ............................. 5.250 07/01/38 4,454,183
1,000 New Jersey Hlthcare Fac Fin Auth
Rev Cap Hlth Sys Oblig Grp Ser
A ....................................... 5.375 07/01/33 1,016,650
2,500 New Jersey Hlthcare Fac Fin Auth
Rev Gen Hosp Ctr at Passaic
(FSA Insd) (b) .......................... 6.750 07/01/19 2,985,950
10,000 New Jersey St Ed Fac Auth
Higher Ed Cap Impt Ser A
(AMBAC Insd) (Prerefunded @
9/01/12) ................................ 5.250 09/01/20 10,657,100
2,000 New Jersey St Tpk Auth Tpk Rev
Ser C-1 (AMBAC Insd) .................... 5.000 01/01/35 2,035,420
10,750 Salem Cnty, NJ Indl Pollutn Ctl
Fin Auth Rev Pollutn Ctl Pub
Svc Elec & Gas Ser A (MBIA
Insd) (AMT) ............................. 5.450 02/01/32 10,814,500
30,000 Tobacco Settlement Fin Corp NJ
Ser 1A (a) .............................. 5.000 06/01/41 27,684,000
1,000 Tobacco Settlement Fin Corp NJ
Ser 1A .................................. 4.750 06/01/34 896,010
5,000 Tobacco Settlement Fin Corp NJ
Ser 1A .................................. 5.000 06/01/29 4,729,650
5,000 Tobacco Settlement Fin Corp NJ
Ser 1A .................................. 5.000 06/01/41 4,614,000
--------------
80,569,632
--------------
NEW MEXICO 0.2%
1,500 Jicarilla, NM Apache Nation Rev
Adj Ser A (Acquired 10/23/03,
Cost $1,514,910) (f) .................... 5.000 09/01/18 1,553,100
--------------
NEW YORK 11.1%
7,000 Metropolitan Trans Auth NY Rev
Rfdg Ser A (FGIC Insd) .................. 5.250 11/15/31 7,341,530
1,500 Nassau Cnty, NY Tob Settlement
Corp Ser A-3 ............................ 5.000 06/01/35 1,460,115
3,500 Nassau Cnty, NY Tob Settlement
Corp Ser A-3 ............................ 5.125 06/01/46 3,434,375
5,000 New York City Muni Wtr Fin Auth
Wtr & Swr Sys Rev Ser D ................. 5.000 06/15/38 5,158,900
5,000 New York City Ser H (MBIA Insd) ............ 5.250 03/15/14 5,275,800
7,575 New York St Dorm Auth Rev City
Univ Sys Cons Ser A ..................... 5.625 07/01/16 8,298,034
1,520 New York St Dorm Auth Rev Insd
John T Mather Mem Hosp
(Connie Lee Insd) (d) ................... 6.500 07/01/09 1,594,389
3,845 New York St Dorm Auth Rev Secd
Hosp Gen Hosp Rfdg ...................... 5.750 02/15/20 4,163,366
2,310 New York St Med Care Fac Fin
Agy Rev Saint Peter's Hosp Proj
Ser A (AMBAC Insd) ...................... 5.375 11/01/13 2,312,656
5,000 New York St Urban Dev Corp Rev
St Fac Rfdg ............................. 5.700 04/01/20 5,643,400
21,920 Port Auth NY & NJ Cons 144th
Ser (a) ................................. 5.000 10/01/35 22,692,899
2,150 Westchester, NY Tob Asset Sec
Corp .................................... 5.125 06/01/38 2,133,359
--------------
69,508,823
--------------
NORTH CAROLINA 0.3%
1,500 North Carolina Eastn Muni Pwr
Agy Pwr Sys Rev Ser D ................... 6.700 01/01/19 1,593,300
--------------
OHIO 3.7%
3,000 Cincinnati, OH City Sch Dist Sch
Impt (FSA Insd) ......................... 5.250 06/01/18 3,162,870
3,150 Cuyahoga Cnty, OH Hosp Fac
Rev Canton Inc Proj ..................... 7.500 01/01/30 3,428,145
1,000 Dayton, OH Arpt Rev James M
Cox Dayton Rfdg Ser C (Radian
Insd) (AMT) ............................. 5.250 12/01/27 1,024,810
3,540 Franklin Cnty, OH Hosp Rev
Doctor's Hosp Proj Impt &
Rfdg (b) ................................ 5.875 12/01/23 3,779,623
5,130 Muskingum Cnty, OH Hosp Fac
Rev Bethesda Care Sys Impt &
Rfdg (Connie Lee Insd) (d) .............. 6.250 12/01/10 5,241,526
5,000 Ohio St Air Quality Dev Auth
Rev Coll Dayton Pwr & Lt
Co Proj (a) ............................. 4.800 09/01/36 4,955,237
1,035 Toledo Lucas Cnty, OH Port Auth
Dev Rev Northwest OH Bd Fd
Ser C (AMT) (d) ......................... 6.600 11/15/15 1,101,820
565 Toledo Lucas Cnty, OH Port Auth
Northwest Bd Fd Ser A (AMT) ............. 6.000 05/15/11 583,408
--------------
23,277,439
--------------
OKLAHOMA 1.5%
1,500 Jenks, OK Aquarium Auth Rev
First Mtg (MBIA Insd)
(Prerefunded @ 7/01/10) ................. 6.100 07/01/30 1,608,855
5,000 Tulsa Cnty, OK Indl Auth Hlthcare
Rev Saint Francis Hlth Sys (a) .......... 5.000 12/15/36 5,031,350
2,755 Tulsa Cnty, OK Pub Fac Auth
Cap Impt Rev (AMBAC Insd)
(Prerefunded @ 11/01/09) ................ 6.250 11/01/22 2,953,084
--------------
9,593,289
--------------
OREGON 3.6%
2,010 Emerald Peoples Util Dist OR
Rfdg (FGIC Insd) (d) .................... 7.350 11/01/09 2,162,539
2,060 Multnomah Cnty, OR Sch Dist No .............
007 Reynolds Ser 2005 (MBIA
Insd) ................................... 5.000 06/01/30 2,102,374
5,000 Oregon Hlth Sciences Univ Insd
Ser A (MBIA Insd) ....................... 5.250 07/01/22 5,254,300
5,000 Oregon St Dept Admin Rfdg Ser
C (MBIA Insd) ........................... 5.250 11/01/18 5,235,700
2,000 Oregon St Hsg & Cmnty Svc Dept
Mtg Rev Ser B (AMT) (a) ................. 4.750 07/01/27 1,940,635
1,000 Oregon St Hsg & Cmnty Svc Dept
Mtg Rev Ser B (AMT) (a) ................. 4.800 07/01/32 970,318
1,100 Oregon St Hsg & Cmnty Svc Dept
Mtg Rev Ser B (AMT) (a) ................. 4.850 07/01/37 1,067,349
3,580 Yamhill Cnty, OR Sch Dist No ...............
029J Newburg (MBIA Insd)
(Prerefunded @ 6/15/12) ................. 5.250 06/15/21 3,804,645
--------------
22,537,860
--------------
PENNSYLVANIA 3.2%
3,000 Allegheny Cnty, PA Hosp Dev
Auth Rev Hlth Sys West PA Ser
A ....................................... 5.000 11/15/28 2,821,890
16,500 Pennsylvania St Pub Sch Bldg ...............
Auth Lease Rev Sch Dist
Philadelphia Proj Ser B (a) ............. 4.500 06/01/32 16,006,650
1,370 Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Cmnty College
Rfdg Ser B (MBIA Insd) (d) .............. 6.500 05/01/08 1,396,948
--------------
20,225,488
--------------
SOUTH CAROLINA 4.5%
3,125 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (a) ............................ 5.250 12/01/25 3,296,187
9,375 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (a) ............................ 5.250 12/01/26 9,888,563
3,115 Greenville, SC Impt & Rfdg (MBIA
Insd) (d) ............................... 5.250 04/01/21 3,285,764
1,015 Rock Hill, SC Util Sys Rev Comb
Rfdg Ser C (FSA Insd) (d) ............... 5.000 01/01/11 1,052,707
6,500 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj Ser A (AMBAC Insd) ................. 5.200 11/01/27 6,783,660
3,750 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj Ser B (AMBAC Insd)
(AMT) ................................... 5.450 11/01/32 3,914,138
--------------
28,221,019
--------------
SOUTH DAKOTA 0.4%
1,375 Deadwood, SD Ctf Partn (ACA
Insd) ................................... 6.375 11/01/20 1,444,039
1,000 South Dakota St Hlth & Ed Fac
Auth Rev Childrens Care Hosp
Rfdg (Prerefunded @
11/01/09) ............................... 6.125 11/01/29 1,058,250
--------------
2,502,289
--------------
TENNESSEE 4.9%
2,130 Chattanooga, TN Hlth Ed & Hsg
Fac Brd Rev CDFI Phase I LLC
Proj Rfdg Ser A ......................... 5.000 10/01/25 2,108,551
2,595 Chattanooga, TN Hlth Ed & Hsg
Fac Brd Rev CDFI Phase I LLC
Proj Rfdg Ser A ......................... 5.125 10/01/35 2,553,013
1,270 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp First Mtg Impt &
Rfdg Ser B .............................. 8.000 07/01/33 1,461,960
7,050 Hallsdale Powell Util Dist Knox
Cnty TN Wtr & Swr Rev Impt
Ser B (FGIC Insd) ....................... 5.000 04/01/34 7,256,847
12,525 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev Cap Apprec First
Mtg Rfdg Ser A (MBIA Insd) .............. * 07/01/26 5,182,219
4,800 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth Rfdg Ser A (MBIA Insd) ............. 7.500 07/01/25 5,640,096
6,500 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth Ser A .............................. 5.500 07/01/36 6,709,950
--------------
30,912,636
--------------
TEXAS 12.8%
2,335 Beaumont, TX Wtrwks & Swr Sys
(FGIC Insd) (Prerefunded @
9/01/10) ................................ 6.250 09/01/14 2,499,734
2,000 Brazos Cnty, TX Hlth Fac Dev
Oblig Grp ............................... 5.375 01/01/32 2,047,800
3,565 Brazos Riv Auth TX Pollutn Ctl
Rev Adj TXU Elec Co Proj Rfdg
Ser C (AMT) (g) ......................... 5.750 05/01/36 3,621,612
650 Brownsville, TX Util Sys Rev (b) ........... 7.375 01/01/10 682,175
8,000 Dallas-Fort Worth, TX Intl Arpt
Rev Jt Impt & Rfdg Ser A (FGIC
Insd) (AMT) ............................. 5.500 11/01/31 8,329,280
2,345 Denton Cnty, TX Perm Impt
(Prerefunded @ 7/15/10) (d) ............. 5.500 07/15/19 2,455,614
1,000 Harris Cnty, TX Hlth Fac Dev
Corp Hosp Rev Mem Hermann
Hlthcare Ser A (Prerefunded @
6/01/11) ................................ 6.375 06/01/29 1,096,080
5,000 Harris Cnty, TX Sr Lien Toll Rd
Rfdg (FSA Insd) (Prerefunded
@ 8/15/12) .............................. 5.125 08/15/32 5,285,850
1,860 Houston, TX Arpt Sys Rev (b) ............... 9.500 07/01/10 2,045,424
3,000 Houston, TX Arpt Sys Rev Sub
Lien Ser A (FSA Insd) (AMT) ............. 5.625 07/01/30 3,102,360
5,000 Houston, TX Util Sys Rev Comb
First Lien Ser A (FSA Insd) ............. 5.250 05/15/20 5,303,950
3,920 Lower CO Riv Auth TX
Transmission Contract Rev
LCRA Svc Corp Proj Rfdg
(FGIC Insd) ............................. 5.000 05/15/33 3,983,896
5,000 Matagorda Cnty, TX Navig Dist
No. 1 Rev Houston Lt Rfdg
(AMBAC Insd) (AMT) ...................... 5.125 11/01/28 5,266,000
2,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care
Ctr Ser A (Prerefunded @
02/15/10) ............................... 7.625 02/15/28 2,192,940
1,500 Mesquite, TX Hlth Fac Dev
Retirement Fac Christian Care
Ctr ..................................... 5.625 02/15/35 1,537,755
3,500 Metropolitan Hlth Fac Dev Corp
TX Wilson N Jones Mem Hosp
Proj .................................... 7.250 01/01/31 3,599,750
3,325 North Central, TX Hlth Fac Dev
Corp Rev Hosp Baylor Hlthcare
Sys Proj Ser A .......................... 5.125 05/15/29 3,355,490
3,000 Prosper, TX Indpt Sch Dist (PSF
Gtd) .................................... 5.500 08/15/33 3,174,000
3,960 Stafford, TX Econ Dev Corp
(FGIC Insd) ............................. 5.500 09/01/30 4,282,819
1,990 Stafford, TX Econ Dev Corp
(FGIC Insd) (d) ......................... 6.000 09/01/19 2,242,451
1,000 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckingham Sr Living Cmnty
Inc (h) ................................. 5.625 11/15/27 1,019,470
1,000 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckingham Sr Living Cmnty
Inc (h) ................................. 5.750 11/15/37 1,020,530
8,500 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckner Retirement Svcs Inc
Proj .................................... 5.250 11/15/37 8,654,955
3,510 Texas St Wtr Fin Assistance ................ 5.500 08/01/35 3,607,508
--------------
80,407,443
--------------
UTAH 0.5%
4,950 Intermountain Pwr Agy UT Pwr
Supply Rev Rfdg Ser A (FGIC
Insd) (b) ............................... * 07/01/17 3,157,704
--------------
VERMONT 0.8%
4,900 Vermont Hsg Fin Agy Multipurp
Ser A (FSA Insd) (AMT) (a) (g) .......... 5.150 05/01/38 4,933,246
--------------
VIRGINIA 3.4%
2,000 Fairfax Cnty, VA Ctf Partn ................. 5.300 04/15/23 2,106,380
1,030 Richmond, VA Indl Dev Auth Govt
Fac Rev Bd (AMBAC Insd) ................. 5.000 07/15/14 1,096,095
675 Richmond, VA Indl Dev Auth Govt
Fac Rev Bd (AMBAC Insd) ................. 5.000 07/15/16 724,538
1,465 Richmond, VA Indl Dev Auth Govt
Fac Rev Bd (AMBAC Insd) ................. 5.000 07/15/17 1,566,920
1,520 Tobacco Settlement Fin Corp VA ............. 5.500 06/01/26 1,647,482
1,660 Tobacco Settlement Fin Corp VA
(Prerefunded @ 6/01/15) ................. 5.625 06/01/37 1,834,715
3,140 Virginia St Hsg Auth Dev Auth Rental
Hsg Ser D (AMT) (a) ..................... 4.500 07/01/29 2,958,210
3,640 Virginia St Hsg Auth Dev Auth Rental
Hsg Ser D (AMT) (a) ..................... 4.600 07/01/33 3,443,313
5,940 Virginia St Hsg Dev Auth Comwlth
Mtg Ser B (AMT) (a) ..................... 4.850 01/01/36 5,755,474
--------------
21,133,127
--------------
WASHINGTON 4.9%
5,000 Clark Cnty, WA Sch Dist 114
(FSA Insd) .............................. 5.250 06/01/19 5,283,400
1,370 King Cnty, WA Ser B
(Prerefunded @ 12/01/07) ................ 5.900 12/01/14 1,406,716
3,630 King Cnty, WA Ser B
(Prerefunded @ 12/01/07) ................ 5.900 12/01/14 3,727,284
2,245 King Cnty, WA Ser B
(Prerefunded @ 12/01/07) ................ 6.625 12/01/15 2,310,487
700 Quinault Indian Nation, WA
Quinault Beach Impt & Rfdg Ser
A (ACA Insd) ............................ 5.800 12/01/15 723,975
3,000 Spokane, WA Pub Fac Dist Hotel
Motel & Sales Use Tax (MBIA
Insd) ................................... 5.250 09/01/33 3,136,890
9,855 Washington St Mtr Veh Fuel
Tax 2007 B (FSA Insd) (d) ............... 5.000 07/01/27 10,275,808
4,000 Washington St Pub Pwr Supply
Rfdg Ser A (FGIC Insd) .................. 7.000 07/01/08 4,114,240
--------------
30,978,800
--------------
WEST VIRGINIA 1.7%
6,420 Harrison Cnty, WV Cnty Cmnty
Solid Waste Disp Rev West PA
Pwr Co Ser C (AMBAC Insd)
(AMT) ................................... 6.750 08/01/24 6,515,080
3,750 West Virginia Univ Rev Impt Univ
Proj Ser C (FGIC Insd) .................. 5.000 10/01/34 3,878,625
--------------
10,393,705
--------------
WISCONSIN 2.1%
10,000 Wisconsin Hsg & Econ Dev Auth
Home Ownership Rev Ser A
(AMT) (a) ................................ 4.750 09/01/33 9,574,350
890 Wisconsin St Hlth & Ed Fac Auth
Rev Bellin Mem Hosp (AMBAC
Insd) ................................... 6.625 02/15/08 903,670
2,675 Wisconsin St Hlth & Ed Fac FH
Hlthcare Dev Inc Proj
(Prerefunded @ 11/15/09) ................ 6.250 11/15/28 2,840,208
--------------
13,318,228
--------------
WYOMING 0.3%
2,000 Sweetwater Cnty, WY Solid
Waste Disp Rev FMC Corp Proj
Rfdg (AMT) .............................. 5.600 12/01/35 2,080,120
--------------
PUERTO RICO 4.7%
21,000 Puerto Rico Comwlth Hwy & Tran
Auth Hwy Rev Rfdg Ser Y (FSA
Insd) (i) ............................... 6.250 07/01/21 25,439,190
4,000 Puerto Rico Pub Bldgs Auth Gtd
Pub Ed & Hlth Fac Rfdg Ser M
(MBIA Insd) ............................. 5.600 07/01/08 4,067,560
--------------
29,506,750
--------------
TOTAL LONG-TERM INVESTMENTS 201.8%
(Cost $1,230,199,148) ............................................................ 1,265,481,142
TOTAL SHORT-TERM INVESTMENTS 0.5%
(Cost $3,400,000) ................................................................ 3,400,000
--------------
TOTAL INVESTMENTS 202.3%
(Cost $1,233,599,148) ............................................................ 1,268,881,142
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (36.2%)
(Cost ($226,784,000))
(226,784) Notes with interest rates ranging from 3.61%
to 6.58% at July 31, 2007 and
contractual maturities of collateral
ranging from 2021 to 2041 (j) ......................................... (226,784,000)
--------------
NET INVESTMENTS 166.1%
(Cost $1,006,815,148) ............................................................ 1,042,097,142
OTHER ASSETS IN EXCESS OF LIABILITIES 0.9% ........................................ 5,593,706
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (67.0%) ........................ (420,384,964)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% ...................................... $ 627,305,884
==============
Percentages are calculated as a percentage of net assets applicable to common shares.
* Zero coupon bond
(a) Underlying security related to Inverse Floaters entered into by the Trust.
(b) Escrowed to Maturity
(c) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(d) The Trust owns 100% of the outstanding bond issuance.
(e) 144A-Private Placement security which is exempt from registration under
Rule 144A of the Securities Act of 1933, as amended. This security may only
be resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(f) Security is restricted and may be resold only in transactions exempt from
registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 0.2% of net assets
applicable to common shares.
(g) Variable Rate Coupon
(h) Security purchased on a when-issued or delayed delivery basis.
(i) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(j) Floating rate notes. The interest rates shown reflect the rates in effect
at July 31, 2007.
ACA - American Capital Access
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
Connie Lee - Connie Lee Insurance Co.
FGIC - Financial Guaranty Insurance Co.
FHA/VA - Federal Housing Administration/Department of Veterans Affairs
FSA - Financial Security Assurance Inc.
GNMA - Government National Mortgage Association
MBIA - Municipal Bond Investors Assurance Corp.
PSF - Public School Fund
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF JULY 31, 2007:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Bond Futures, September 2007 (Current
Notional Value of $110,063 per contract) ...................... 1,752 $ (1,716,318)
======= ==============
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.cert.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Advantage Municipal Income Trust II
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 20, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 20, 2007
By: /s/ Stuart N. Schuldt
---------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: September 20, 2007